Northern Trust Corp Buys 316,460 Shares of Devon Energy Corporation $DVN

Key Points

• Northern Trust Corp increased its stake in Devon Energy by 5.1%, owning 6,577,195 shares valued at approximately $245.9 million as of the latest SEC filing.
• Devon Energy reported an earnings per share (EPS) of $0.84 for the last quarter, surpassing expectations, with revenues reaching $4.28 billion, a 9.4% year-over-year increase.
• The company announced a quarterly dividend of $0.24 per share, representing an annualized yield of 2.8%, with a payout ratio of 21.52%.

Northern Trust Corp boosted its holdings in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 5.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 6,577,195 shares of the energy company's stock after acquiring an additional 316,460 shares during the quarter. Northern Trust Corp owned approximately 1.02% of Devon Energy worth $245,987,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in DVN. Cantor Fitzgerald Investment Advisors L.P. grew its holdings in Devon Energy by 10.8% during the first quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 272,990 shares of the energy company's stock valued at $10,210,000 after purchasing an additional 26,519 shares during the last quarter. Merit Financial Group LLC grew its holdings in Devon Energy by 209.5% during the first quarter. Merit Financial Group LLC now owns 22,679 shares of the energy company's stock valued at $848,000 after purchasing an additional 15,351 shares during the last quarter. Autumn Glory Partners LLC grew its holdings in Devon Energy by 93.6% during the first quarter. Autumn Glory Partners LLC now owns 41,368 shares of the energy company's stock valued at $1,547,000 after purchasing an additional 20,000 shares during the last quarter. Intact Investment Management Inc. acquired a new position in Devon Energy during the first quarter valued at approximately $2,524,000. Finally, Praxis Investment Management Inc. grew its holdings in Devon Energy by 41.8% during the first quarter. Praxis Investment Management Inc. now owns 47,000 shares of the energy company's stock valued at $1,758,000 after purchasing an additional 13,860 shares during the last quarter. Institutional investors own 69.72% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on DVN. Morgan Stanley increased their price target on Devon Energy from $46.00 to $49.00 and gave the company an "overweight" rating in a report on Monday, August 18th. Wells Fargo & Company increased their price target on Devon Energy from $42.00 to $43.00 and gave the company an "overweight" rating in a report on Tuesday, August 12th. Bank of America lowered their price target on Devon Energy from $52.00 to $42.00 and set a "buy" rating on the stock in a report on Tuesday, April 29th. Bernstein Bank lowered their price target on Devon Energy from $45.00 to $43.00 and set an "outperform" rating on the stock in a report on Monday, July 7th. Finally, Siebert Williams Shank raised their price objective on shares of Devon Energy from $47.00 to $52.00 and gave the stock a "buy" rating in a research note on Monday, June 23rd. Sixteen research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, Devon Energy has an average rating of "Moderate Buy" and an average target price of $44.15.

Insider Buying and Selling

In related news, Director Kelt Kindick sold 7,685 shares of the firm's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $33.46, for a total value of $257,140.10. Following the completion of the transaction, the director directly owned 31,801 shares of the company's stock, valued at $1,064,061.46. This trade represents a 19.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.73% of the stock is currently owned by company insiders.

Devon Energy Stock Performance

DVN stock traded down $0.52 during midday trading on Tuesday, hitting $35.25. The stock had a trading volume of 7,102,842 shares, compared to its average volume of 7,559,620. The firm has a market capitalization of $22.38 billion, a price-to-earnings ratio of 7.90, a P/E/G ratio of 2.04 and a beta of 1.07. Devon Energy Corporation has a 52 week low of $25.89 and a 52 week high of $45.34. The stock has a 50-day simple moving average of $33.28 and a 200 day simple moving average of $33.16. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55.

Devon Energy (NYSE:DVN - Get Free Report) last issued its earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.83 by $0.01. The firm had revenue of $4.28 billion during the quarter, compared to analysts' expectations of $4.01 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.Devon Energy's quarterly revenue was up 9.4% compared to the same quarter last year. During the same period last year, the business earned $1.41 earnings per share. As a group, equities research analysts anticipate that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Monday, September 15th. Devon Energy's dividend payout ratio (DPR) is 21.52%.

Devon Energy Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.